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Majority of S&L customers yet to receive locked-up funds

January 28, 2020

Majority of customers of the several defunct savings and loans companies have not received their deposits almost six months after the Bank of Ghana revoked their licences.

According to the Executive Secretary to the Ghana Association of Savings and Loans Companies (GHASALC), Tweneboah Kodua Boakye, the Receiver had done very little in communicating to the customers about when they would be paid their funds.

He said: “What I’m aware [of] is that the savings and loans companies that folded up – the 15 companies had about 2.3 million companies; now these customers – GN alone had about 1.2 million customers and, so, if you look at the court cases and all these [restrictions], it prevented the receiver from actually processing the claims and validating them and helping the customers”.